Daily Share Market Forecast June 13, 2017

S&P 500:

Expectation: Bullish

Target: 2450 and upwards

The S&P 500 was marginally bearish yesterday and ended the day at 2429. It appears that the market was adopting a wait and watch mode (due to Friday’s tech stock sell off). This market is still above the key support level at 2400 and thus, this market will continue to be bullish and we do not recommend shorting this. We expect this market to move upwards and it should close above the 2450 levels soon and then move towards higher levels. If the market goes below the key 2400 support level and closes below it, then the bullish trend may change and further downward movement may be possible. However, looking at the charts, we expect this market to remain bullish.

Dow Jones 30:

Expectation: Bullish

Target: 21,500

The Dow Jones 30 was bearish yesterday – it dropped from Friday’s highs and closed at 21,235. This small drop is likely to be a result of traders adopting a wait and watch mode. Looking at the charts, the market is still above the key 21,100 support level and thus, we expect this market to continue to be bullish and we do not recommend shorting this. We expect that this market will soon reach the 21,500 levels and then move higher. The 21,100 mark is the most immediate support level for this market. If the market goes below this level and closes below it, then the bullish trend may change and further downward movement may be possible. However, we expect this market to remain bullish.

NASDAQ 100:

Expectation: Bullish

Target: 5800

The NASDAQ 100 remained bearish yesterday and closed at 5708. This is primarily due to investors getting spooked by potentially overpriced tech stocks – during the last two trading sessions, other industries (industries apart from tech) have actually performed significantly better than tech stocks. Looking at the charts, this market is still above the key support level at 5700. Thus, we expect this market to continue to be bullish and we do not recommend shorting this. We expect this market to continue moving upward and hit the 5800 level again. The 5700 region is the immediate support level for this market and the NASDAQ 100 should remain above this level in the near term. You should use short term dips in order to buy and consolidate your positions.